Bitcoin ETF Race: Fidelity Joins

Fidelity is hoping to launch the Wise Origin Bitcoin Trust, which will allow investors to gain exposure to the digital asset without actually holding the currency themselves.

Myriads of firms have joined to vie for the approval of bictoin exchange traded fund, by the US Securities and Exchange Commission. One of the spectacular firms that is among those vying for this is the Asset manager giant Fidelity.

According to froms filed with the United States of America SEC, in order to allow investors to gain exposure to the digital asset, without actually holding the currency, Fidelity is hoping to launch the Wise Origin Bitcoin. If the ETF is approved, the physical asset will be custodied by Fidelity Digital Assets a branch of the firm that was founded in 2018.

Coin metrics will be the calculation agent for the index, that will calculate the index of the trust, which will track the performance of Bitcoin, that is being measured by the Fidelity Bitcoin Index PR.

According to the statement from the Asset giants:

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions,” Fidelity said in an emailed statement. “An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets.”

Fidelity joins Goldman Sachs, SkyBridge Capital, VanECk, NYDIG among others in trying to inagrate a product that is aimed toward exposing retail investors to digital assets, without the risk that is tied to buying directly on the exchange.

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